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Trading strategy for April 25, 2000

For a major part of the day, the software stocks stood on a relatively firm ground only to slip towards the end of the day. Even at this stage, no buying in these stocks are recommended. Most of the stocks have met with short term resistances and any purchases, if at all, should be done above these levels only.

Satyam Computer: The stock has closed on an extremely weak note. It has a major hurdle at Rs 3350 and long positions can be taken only once this level is decisively crossed. On the lower side, the stock does not have any support in sight.

NIIT: The stock has broken some vital levels and long positions can be liquidated at this stage. It has an immediate barrier at Rs 2020 and thereafter major barrier lies at Rs 2160. On the lower side, the stock has a minor support at Rs 1850 and thereafter only at Rs 1460.

Pentamedia: The stock did make an attempt to move on the upper side but fell due to the selling pressure on the other software stocks. It has an immediate resistance at Rs 780 and then at Rs 840. On the lower side, the major support for the stock is only at Rs 600.

Infosys: Unless the stock crosses the level of Rs 7800 no long positions are advisable. Above this, the next resistance for the stock lies at Rs 8200. Immediate support for the stock is at Rs 6680 which can be used as a stop loss for short term positions.

Wipro: It has posted a double top of Rs 4400 and the position is likely to improve only once this level is crossed. No long positions are advisable at this stage. It has an immediate support at Rs 3851 and thereafter at Rs 3650.

Reliance Industries: In an intra day move, the stock has broken a vital support at Rs 345 and has closed way below it. Long positions can be liquidated at this stage. It has an immediate support level at Rs 305 and major support lies at Rs 290, below which the positon of the stock would further weaken. On the upper side, scenario will improve above Rs 355.

Arc Investments & Consulting

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